OpenPayd Adds 43 U.S. Licenses, Targets 2027 Service Launch
Key Facts
OpenPayd has added MSB USA Inc. to its group, bringing its total to 43 state-level money transmission licenses after completing regulatory approvals, in a move that expands its presence in the largest payments market. The company said annual recurring revenue exceeded $96 million and annual transaction volume topped $300 billion as of July 31, 2026. It added that it serves more than 1,200 clients worldwide. The figures place the U.S. expansion in the context of an established platform with international activity, as the company prepares for a proposed merger with Titan Acquisition Corp. Chief Executive Iana Dimitrova said the company wants to launch services for U.S. customers by April 2027.
The company’s services include accounts, foreign exchange, domestic and international payments, and infrastructure for transfers between traditional currencies and stablecoins, according to a filing with the U.S. Securities and Exchange Commission that published an interview with Dimitrova. The filing said Kraken, B2C2 and OKX use its infrastructure. When the deal was announced on June 1, 2026, OpenPayd said its annual recurring revenue had exceeded $85 million in March and annual transaction volume had topped $240 billion. It also said at the time that it served more than 1,100 clients in 180 countries, including eToro and Kraken. The figures reported in July show increases in recurring revenue and transaction volume compared with what the company reported in March and June.
Dimitrova said the acquisition is part of a strategy to accelerate capability building; the company is interested in businesses that add licenses or technology and shorten the time needed to launch new services compared with building them in-house. She added that publicly traded shares and capital available after the listing could help fund deals and partnerships. OpenPayd said its immediate focus includes expanding its U.S. operations and strengthening its products and regulatory capabilities, while its regulatory network spans the United States, the United Kingdom, the European Economic Area, Canada and South Africa. When the agreement was announced, the company said it could receive up to $276 million from Titan’s trust account, assuming shareholders do not redeem their shares, to support its balance sheet and expand its financial infrastructure. The registration filing presents a different scenario, with 75% of public shares redeemed, equating to about 182.4 million euros from the trust account based on its balance as of December 31, 2025.
The deal’s estimated equity value is about $1.145 billion on a pro forma basis for the combined company, split between $800 million for OpenPayd and $345 million for Titan. The amount attributed to Titan is based on 34.5 million shares at $10 per share. This is an estimated equity value for the proposed deal, not guaranteed cash proceeds for the company. The pre-deal enterprise value range in the initial letter of intent was between $1.1 billion and $1.5 billion, subject to due diligence, market conditions and discussions with private financing investors. Accordingly, valuation figures in the filings differ depending on the basis of measurement and stage of negotiations.
For the financial year ended April 30, 2026, the company said its net loss was $2.8 million, attributing the entire loss to $5.8 million in one-time deal costs. The deal remains incomplete, according to the registration statement, and is conditional on Titan shareholder approval, regulatory approvals, the effectiveness of the registration statement and Nasdaq listing approval. Dimitrova said in an interview published in a filing dated October 3, 2026, that the merger is expected to close by year-end, subject to regulatory and shareholder approvals. OpenPayd also said closing is expected in the fourth quarter of 2026, subject to customary closing conditions and Titan shareholder approval. The agreement allows it to be terminated if the deal is not completed by December 31, 2026.